24 May 2012 – final results
The group has issued its results for the year to 31 March, revealing revenue up by 18% to $2.9bn with adjusted profit before tax falling to $414m (2011: $456m). Earnings per share on the same basis fell to 6.5c (2011: 7.2c) and the dividend for the year was 8c, as previously indicated. Net debt has increased to $1.395bn from $994m due to net spending on acquisitions, a high dividend payment and share buyback. The group has revealed that going forward it will cut the dividend to 4c, in oreder to help reduce debt. The group expects improved cash generation in the current financial year and is well placed to benefit from opportunities in the telecoms sector. The shares are a BUY.